{"id":40481,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/separation-and-mutual-release-storage-technology-corp-and-jean.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"separation-and-mutual-release-storage-technology-corp-and-jean","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/separation-and-mutual-release-storage-technology-corp-and-jean.html","title":{"rendered":"Separation and Mutual Release &#8211; Storage Technology Corp. and Jean Reiczyk"},"content":{"rendered":"<pre>\n                          SEPARATION AND MUTUAL RELEASE\n\nIt is  acknowledged  that  as a  result  of a  corporate  restructuring  of  the\nSolutions Business Group at Storage Technology Corporation ('StorageTek'  or the\n'Company')  and in light of your  election  not to be a member of the  executive\nmanagement team of NewCo, as described in paragraph 5 below, and as communicated\nby you to  StorageTek  on March 7, 2000,  that you,  Jean Reiczyk  ('Reiczyk' or\n'you' or  ''your',  as the case may be) will be  involuntarily  terminated  from\nStorageTek  effective March ___, 2000 ('Termination  Date'). This Separation and\nMutual Release ('Release') will confirm the agreement concerning the termination\nof your  employment  with the Company as  Corporate  Vice  President,  Solutions\nBusiness  Group.  In that  regard,  this  Release will confirm the terms of your\nseverance under your Executive  Employment  Agreement with the Company which was\nentered  into on October 13, 1999 (the 'Employment  Agreement').  To the degree\nthat the terms of this Release do not conflict with the terms and  conditions of\nthe Employment Agreement,  the terms of the Employment Agreement shall remain in\nfull force and effect.\n\n1. Contingent upon your signing this Release and the expiration of the seven day\n   revocation  period  described  below,  the Company will pay to you, within 30\n   days of the Termination  Date, a separation  payment equal to the amounts set\n   forth in Section 5(a) of the Employment Agreement,  including one year?s base\n   salary  ($315,000.00),  and one  year?s  target  MBO bonus for 2000  equal to\n   forty-five  percent  (45%) of your base salary  ($141,750.00).  And,  per the\n   terms in Section 5(c) of the  Employment  Agreement,  your stock options will\n   vest upon the  Termination  Date and the  Company?s  right of  repurchase  on\n   restricted  stock will be void.  Pursuant to the terms of StorageTek's  Stock\n   Option  Plan,  you will have 90 days from the  Termination  Date to  exercise\n   these options.\n\n2. In exchange for payments to you of $456,750.00,  less applicable  withholding\n   taxes, pursuant to Section 5(a) of the Employment  Agreement,  by the Company\n   and other good and valuable  consideration,  Reiczyk hereby  irrevocably  and\n   unconditionally  releases and  discharges  the Company,  its past and present\n   subsidiaries,  divisions, officers, directors, agents, employees, successors,\n   and  assigns   (separately  and   collectively,   'releasees')   jointly  and\n   individually, from any and all claims, known or unknown, which he, his heirs,\n   successors  or assigns  have or may have  against  releasees  and any and all\n   liability  which  releasees  may  have  to him  whether  denominated  claims,\n   demands, causes of action, obligations,  damages, or liabilities arising from\n   any and all bases,  however  denominated,  including  but not limited to, any\n   claims of  discrimination  under the Age  Discrimination  in  Employment  Act\n   ('ADEA'),  the Older Workers Benefit Protection Act, the Rehabilitation  Act,\n   the Family Medical Leave Act, the Americans with  Disabilities Act, Title VII\n   of the Civil Rights Act of 1964,  the Civil Rights Act of 1991 or any federal\n   or state civil rights act, claims for wrongful discharge, breach of contract,\n   or for  damages  under  any  other  federal,  state  or  local  law,  rule or\n   regulation,  or common law under any  theory;  provided,  however,  that this\n   release  does not affect (1) any claims  for  benefits  which have  vested or\n   shall vest on or before the  effective  date of this  Settlement  and Release\n   ('Release')  under any of the  Company's  benefit  plans;  (2) any claims for\n   indemnification  for acts of Reiczyk  which have  occurred or may occur as an\n   officer or employee of the  Company;  or (3) any claims which may arise after\n   the execution of this Release.  This release  specifically  excepts any claim\n   Reiczyk  may  wish to make for  unemployment  compensation,  and the  Company\n   agrees  not  to  contest   any  claim  made  by  Reiczyk   for   unemployment\n   compensation.  This  release is for any  relief,  no matter how  denominated,\n   including,  but not limited to, back pay,  front pay,  compensatory  damages,\n   punitive damages,  or damages for pain and suffering.  Reiczyk further agrees\n   that he will not file or permit  to be filed on his  behalf  any such  claim,\n   will not permit  himself to be a member of any class seeking  relief  against\n   the  releasees  and will not counsel or assist in the  prosecution  of claims\n   against  the  releasees,  whether  those  claims  are on behalf of himself or\n   others, unless he is under a court order to do so.\n\n3. The Company hereby  irrevocably and  unconditionally  releases and discharges\n   you and your heirs,  successors,  and assigns  (separately and  collectively,\n   'Your Releasees'),  jointly and individually,  from any and all claims, known\n   or unknown, which it, its past and present subsidiaries, divisions, officers,\n   directors,  agents,  employees,  successors,  and  assigns  have or may  have\n   against Your  Releasees  and any and all liability  which Your  Releasees may\n   have  to  them,  whether  denominated  claims,  demands,  causes  of  action,\n   obligations,  damages or liabilities arising from any and all bases,  however\n   denominated,  provided, however, that this release does not affect any claims\n   which are based on your material  dishonesty in the  performance of duties as\n   an  employee  of the  Company,  nor any  claims  which  may  arise  after the\n   execution of this Agreement. The Company further agrees that it will not file\n   or permit to be filed on its behalf any claim  against  you which is released\n   hereby.\n\n\n\n\n\n\n\n\n4. Reiczyk agrees that by signing this Release, he is giving up the right to sue\n   for age  discrimination,  and that under this Release  Reiczyk  shall receive\n   consideration  to which he is not otherwise  entitled,  and would not receive\n   but for his release of rights  under the ADEA.  Reiczyk has up to  twenty-one\n   (21) days after  delivery of this  Release to  consider  whether to sign this\n   Release.  Reiczyk agrees that, after he has signed and delivered this Release\n   to the Company,  this Release will not be effective or enforceable  until the\n   end of a seven (7) day revocation  period beginning the day after the Reiczyk\n   signs this Release,  and that Reiczyk will not receive the severance  payment\n   due under the Employment  Agreement until this seven-day  period has expired.\n   During this seven-day period, Reiczyk may revoke this Release, without reason\n   and in his  sole  judgment,  but he may do so only by  delivering  a  written\n   statement of revocation  to the Company to the attention of General  Counsel.\n   If the  Company  does not  receive a written  statement  of  revocation  from\n   Reiczyk by the end of the  revocation  period,  then this Release will become\n   legally enforceable and Reiczyk may not thereafter revoke this Release.\n\n5. Per the terms of Section 8 of your Employment Agreement, you confirm that for\n   a period of one year  from the  Termination  Date  that you will not,  either\n   directly  or  indirectly,  engage in any  activity  in  competition  with any\n   product  or  service  of  the  Company  (said  competitive  activities  to be\n   determined and identified at the  reasonable  discretion of the Company),  or\n   harmful or contrary to the best interest of the Company,  including accepting\n   employment  with  or  serving  as a  consultant  to  any  entity  that  is in\n   competition  with the  Company.  In  particular,  you agree  that  competitor\n   companies include,  Storage Networks. Inc. (SNI), EMC Corp.,  Hewlett-Packard\n   (H-P),  Sun Microsystems and IBM. You further agree that during this one year\n   non-compete  period  you will not  accept a  position  as an  employee  with,\n   consultant  to,  director  of, or greater  than 5%  investor  in any  entity,\n   anywhere in the world, that provides data storage services in either vertical\n   application  markets  (such  as  in  banking,  medical  imaging,  geophysical\n   research,  video broadcasting,  etc.) or in public or private storage utility\n   markets (where  'storage  utility' refers to the offering of a combination of\n   storage hardware and software in concert with storage management  services as\n   a service to end user customers, directly or via resale). Notwithstanding the\n   foregoing,  it is  understood  that  you  may  enter  into  a  consulting  or\n   employment  arrangement  with  'NewCo'  (as that entity is  presently  known)\n   following the spin-off of the  StorageTek  Managed  Storage  Services  entity\n   where such  arrangement  would be of a limited scope and for a limited period\n   of time,  provided  that  StorageTek  first  receives a copy of the  contract\n   embodying such  arrangement  and approves the terms of such contract prior to\n   commencing  such  employment or consulting in light of potential  competitive\n   impacts on  StorageTek,  such  approval  not to be  unreasonably  withheld or\n   delayed.  Furthermore,  the  provisions of Paragraph 8 (c) of the  Employment\n   Agreement  shall  not  apply  to  efforts  made  by  you on  behalf  of or in\n   connection with NewCo.\n\n6. Reiczyk  agrees  that this  Release  shall be governed by federal law and the\n   internal  laws of the State of  Colorado,  irrespective  of the choice of law\n   rules of any state.\n\n\nACKNOWLEDGMENT:\n\nBy your signature below you acknowledge  that you have read this document fully,\nthat you understand and agree to its contents,  that you understand that this is\na legally binding  document,  and that you have been advised to consult a lawyer\nof your choosing before signing this Release, and have had the opportunity to do\nso.\n\n\nUNDERSTOOD AND AGREED:\n\n--------------------------\nJEAN REICZYK\n\n--------------------------\nDate\n\n---------------------------\nSTORAGE TECHNLOLGY CORPORATION\n\nDAVID E. WEISS\nCHAIRMAN, PRESIDENT &amp; CEO\n\n\n\n\n\nThis Release presented to Jean Reiczyk on __________________________.\n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8959],"corporate_contracts_industries":[9508],"corporate_contracts_types":[9539,9551],"class_list":["post-40481","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-storage-technology-corp","corporate_contracts_industries-technology__hardware","corporate_contracts_types-compensation","corporate_contracts_types-compensation__severance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40481"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40481"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40481"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}